Actually, the more I think about this, the more I like the idea.
Assume Kevin Bacon or Michael Ironside plays Hal Jordan, a former Air Force test pilot, a man of guts and glory, injured in the line of duty as Green Lantern, possibly in fighing Sinestro. His ring, for reasons not apparent, picks out a replacement - Guy Gardner (Jack Black).
So you have Gardner goofing off with the ring, creating giant green boobies, green kegs of beer, green lesbian porn, green cloud-sized farts: Jordan the hard man in a hospital bed trying to tell Gardner how to patrol his section of the galaxy and prevent suns exploding and other cosmic disasters: a rogue Lantern - Sinestro (a grotesque alien in disguise as a human - played by Salma Hayek?) - out to finish the job of killing Jordan and Gardner.
I'd at least think about watching it.